Congress Approved $480 Billion Relief Package to be Signed Today
Congress finally approved the $480 billion relief packaged yesterday afternoon. The vote was 388 to 5. The measure passed the Senate earlier this week and will now go to President Trump’s desk to be officially signed into law. The bill is approximately $484 billion. The majority of funds, approximately $310 billion dollars, will go towards the Paycheck Protection Program which supports small businesses nationwide. The original $349 billion dollars from the fund was exhausted in just thirteen days and a large number of small businesses were unable to receive any money at all. Several billion more will be allocated amongst other places who also desperately need funding. This includes $75 billion dollars for hospitals overwhelmed by the pandemic. It will help make up for lost revenue and continued coronavirus-related expenses. An additional $25 billion will also go towards expansion of COVID-19 testing.